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★5 main reasons why house sales fall through 2016
Posted on: 24th October 2016 | Filled under: Property Market News
Written by: Mark King
If you are looking to sell your home quickly, securely and free from concerns about sale completion, a cash sale could be for you.
Data released earlier this year demonstrated that one in four house sales fell through in 2015.
This could be for a variety of reasons, but most of these can be solved through selling your home to a trusted cash buyer, who through a private company specialises in a fast house sale.
A cash purchase is much quicker, and working with a ‘sell house fast’ company really means there are fewer chances for things to go awry. If you are looking to receive the cash right away, then selling your home to a cash buyer might be the best option for you.
There are a number of reasons selling your home to a buyer with finance might make the sale of your home more difficult, as well as many benefits to selling to a cash buyer ready to buy your home.
1. Being let down by a buyer
If there is one thing that holds up the sales process of your property it is being let down by a buyer. The sale of your property is not guaranteed until you have successfully exchanged contracts with the buyer. Getting to this point can be a tentative process as for most people buying a home is one of the biggest transactions they will carry out in their lives. Buying a home is also a greatly emotional time for buyers getting a mortgage and looking for a place to call their own. They may find a place they like better or is more suited to their budget and location. They may also just lose their nerve about committing to buying a house. This problem is eliminated when you sell to a cash buyer who has no emotional attachment to the purchase and just wants to buy.
2. Time to settle
A typical sale of residential property takes around three months to complete after a potential buyer has been found. During this three-month period a buyer’s circumstances may change, meaning they are unable to go through with the sale. This could be as a result of things such as divorce or separation, job loss or illness in the family.
However, cash buyers offering a fast house sale are ready to purchase and will generally not be affected by personal or financial circumstances such as these. If you are looking for peace of mind about the sale of your property, a cash purchase might be your best option.
3. Buyer-seller chains
Many people looking to buy a home depend greatly on the sale of their own home, and if things don’t go according to plan at their end, you could be waiting months for your sale to complete – if it ever does. This becomes more and more of a problem the more links there are in the chain. If you end up in a property chain of buyers and sellers, with all sales dependent on finding a buyer, this can be catastrophic. Any delay in sales going through could cause your sale to fall through. Property sales failing to go through because of breaks in a chain are common, and even if all sales do go through, the process can be slow and delayed by a number of factors.
4. Tightened lending criteria
Similarly, a buyer dependant on finance may have trouble securing a mortgage, or their creditor may take their time ensuring they are happy with the terms of sale and the property in question.
The government has been introducing measures to ensure lenders are stricter about who they lend to. Many people now struggle to secure a mortgage or are unable to borrow the amount they initially believed would be lent to them, and thus what they based their property search on. This is not a problem when you sell to a cash buyer as they are not reliant on lending to buy your property.
5. Survey problems
Another problem that may arise with buyers is where there are concerns about something in the property survey. Buyers, and especially first-time buyers, are very cautious about purchasing a new home. They may have concerns that they do not have the additional money to spend on fixing such a problem in the property, or they may find it difficult to secure a mortgage on a property with a significant defect.
However, the cash buyer will be upfront about buying the property and will not waste your time taking all of these issues into account.
If you are looking for a quick house sale Mark King Properties can make you a cash offer today. We Buy Any House regardless of condition. Get a free cash offer today click here.
